. Earl purchased a living room set for $3,592 using a 12-month deferred payment plan. The interest rate after the introductory period is 21.80%. A down payment of $275 is required as well as a minimum monthly payment of $112. What is the balance after the introductory period if only the minimum payment is made until then?

Im a little confused a bit, but the total with the down payment + the 12 months of paying which is $112 a month im assuming with the 21.8%, i got $1,971.94 is what they pay, so would the answer be $1,620.06?